--- title: House Budget and Fiscal Affairs Oversight Committee, March 12, 2026 collection: meetings id: 2026-03-12/house-budget-and-fiscal-affairs-oversight cite_as: House Budget and Fiscal Affairs Oversight Committee, March 12, 2026, video https://vimeo.com/1172594958 (machine transcript by Georgia Commons) canonical_url: https://georgiacommons.org/meetings/2026-03-12/house-budget-and-fiscal-affairs-oversight md_url: https://georgiacommons.org/meetings/2026-03-12/house-budget-and-fiscal-affairs-oversight.md text_url: https://georgiacommons.org/meetings/2026-03-12/house-budget-and-fiscal-affairs-oversight/text source_url: https://vimeo.com/1172594958 date: 2026-03-12 status: machine transcript corpus_version: meetings-2026-10-23-8c15ead0f18d license: Machine transcript and summaries by Georgia Commons from the General Assembly's public video; the video stays on the General Assembly's Vimeo channel; see about.md publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice. up: https://georgiacommons.org/meetings/2026-03-12.md previous: https://georgiacommons.org/meetings/2026-03-12/senate-education-and-youth.md next: https://georgiacommons.org/meetings/2026-03-16/senate-rules.md index: https://georgiacommons.org/meetings/index.md chamber: House body: House Budget and Fiscal Affairs Oversight Committee body_url: https://georgiacommons.org/meetings/house-budget-and-fiscal-affairs-oversight.md meeting_kind: committee session: 2025-2026 Regular Session start_time: 2026-03-12T14:00:00-04:00 location: 406 CLOB duration_seconds: 1998.0 video_id: 1172594958 video_title: 03.12.26 Budget & Fiscal Affairs Oversight agenda_url: https://www.legis.ga.gov/api/document/agendas/house/Juvenile Justice%2F3.12.26 Meeting.pdf bills_discussed: - SB 441 summaries_model: gpt-6.1-sol transcript_turns: 89 --- # House Budget and Fiscal Affairs Oversight Committee, March 12, 2026 House Budget and Fiscal Affairs Oversight Committee; March 12, 2026; 2025-2026 Regular Session. Video, on the General Assembly's Vimeo channel: https://vimeo.com/1172594958. Agenda: https://www.legis.ga.gov/api/document/agendas/house/Juvenile Justice%2F3.12.26 Meeting.pdf. > This is a machine transcript of the General Assembly's video, made by a speech-recognition model. It is not an official record and can mishear words, names, and numbers. Speakers are not identified. The video is the record: every timestamp links to the moment it plays. ## Summary written by Georgia Commons Written by gpt-6.1-sol from the transcript below. It is not part of the record. Quote the transcript or the video, not the summary. The committee considered [SB 441](https://georgiacommons.org/bills/2025-2026/sb441), which the sponsor described as requiring State Depository Board oversight of local government investment pools. The state treasurer clarified that existing pools already have state oversight and that the bill would cover new pools created in the future. Members asked about local governments’ ability to invest independently, outside investment managers, and legislative involvement in oversight. No audience members spoke. The committee unanimously recommended that the bill pass. ## Bills discussed (1) Each account was written by gpt-6.1-sol from the stretch of the transcript it names. The bill's number is said in that stretch, unless it was the only bill on a committee's agenda. ### SB 441. Local Government Investment Pool; certain pooled investments to be approved by the State Depository Board; require [SB 441](https://georgiacommons.org/bills/2025-2026/sb441) (2025-2026 Regular Session). From [0:15:11](https://vimeo.com/1172594958#t=911s), turns 17 to 86. The sponsor said [SB 441](https://georgiacommons.org/bills/2025-2026/sb441) would bring local government investment pools under State Depository Board oversight to protect public money, particularly for smaller governments with limited investment expertise. The state treasurer clarified that existing pools already have oversight and that the bill would ensure future pools meet the same standards for safety and access to money when needed. The treasurer cited a Florida fund’s $15 billion withdrawal run in one week as an example of the risk. Answering the chair, the treasurer said local governments could still invest independently and pool money within their own governmental entity. Asked about outside managers, the treasurer said Georgia Fund One is managed directly, while other offerings use Invesco and Federated for some or all investments. The treasurer said the higher-risk Prime offering requires local participants to complete training. Another member asked about legislative input on the board. The treasurer said no legislators serve on it, but information is sent to House and Senate appropriations and banking committee chairs. The chair described the bill as reassurance for local governments, and the treasurer said protecting operating and payroll funds was its purpose. No amendments were offered. The committee voted unanimously to recommend passage. ## Transcript (89 turns) [0:13:24](https://vimeo.com/1172594958#t=804s) Okay, fol- [0:13:27](https://vimeo.com/1172594958#t=807s) test, test. [0:13:35](https://vimeo.com/1172594958#t=815s) Okay, folks, it's 2:00. Uh, this is a, a budget, uh, budget and physical affairs oversight. If you're in the wrong place, you may leave, but if you're not, here we are. Uh, we're gonna get started. Uh, Vance Smith, will you open us in word of prayer? [0:13:53](https://vimeo.com/1172594958#t=833s) Yes, sir, Mr. Chairman. Thank you now. Lord, lead, guide, and direct us in the things that we do here at the legislature. Help us to think about the citizens that we're affecting, and be with each person here on the committee, the ones in the room. When we do leave this place, give us safe travels to get home to our families. And, uh, thank you for all the blessings you give us, Lord. In Jesus' name we pray, amen. [0:14:19](https://vimeo.com/1172594958#t=859s) All right, uh, Senator Chairman Harbin. [0:14:26](https://vimeo.com/1172594958#t=866s) You can go to the, the, the table here or anybody else you'd like to come up and speak. Um- [0:14:32](https://vimeo.com/1172594958#t=872s) We'll bring some of, we'll bring some of the people that really know what's going on. [0:14:35](https://vimeo.com/1172594958#t=875s) Okay. That's what we want. Uh, if you will, uh, tell it- if you will, tell, tell us what- [0:14:47](https://vimeo.com/1172594958#t=887s) Let, let me- [0:14:48](https://vimeo.com/1172594958#t=888s) Wait just a minute. [0:14:49](https://vimeo.com/1172594958#t=889s) Yes, sir. [0:14:51](https://vimeo.com/1172594958#t=891s) I'm ... Everybody got a copy? [0:14:54](https://vimeo.com/1172594958#t=894s) Yeah, we do now. [0:14:55](https://vimeo.com/1172594958#t=895s) Excuse me. If you will, tell us, uh, the LC number you're working off of, and present your bill. [0:15:03](https://vimeo.com/1172594958#t=903s) Let's see if I can get to the L- LC number on it, sir. [0:15:08](https://vimeo.com/1172594958#t=908s) I've got my notes on the LC number. [0:15:10](https://vimeo.com/1172594958#t=910s) Yeah. [0:15:10](https://vimeo.com/1172594958#t=910s) I've got LC620295. [0:15:13](https://vimeo.com/1172594958#t=913s) That's- [0:15:13](https://vimeo.com/1172594958#t=913s) Does this match what you got? [0:15:15](https://vimeo.com/1172594958#t=915s) That's correct. [0:15:15](https://vimeo.com/1172594958#t=915s) That's good. At least we are in unison on that agreement in doing that. Uh, on, I don't know if y'all know ... [0:15:24](https://vimeo.com/1172594958#t=924s) We're back. Okay. Uh, sitting with me is, uh, T- Treasurer of Georgia is Steve McCoy, and, uh, he is here to fill in where I do not know what I'm doing. He said he would fill in and help me, uh, know what's going on. I don't know if, if y'all know what LGIPs are, if I gave a test. I did not really realize what an LGIP is. But it is a local government investment pool in which the state has regulatory o- authority over. There's about $40 billion in what they call Georgia Fund One. [0:15:56](https://vimeo.com/1172594958#t=956s) It holds, uh, monies for municipalities, for cities, for schools, uh, that's there. There are about 500, uh, entities that are in there, and that is regulated by the Georgia Department, or b- the, the State Depository Board, which is chaired by the governor. And what they are a part of, they are a regulatory authority that oversees the investments of that $40 billion, if you will, that's there. And, and o- it's an oversight issue. And what this r- bill is really trying to do is this, is that any investment pool that comes in play, some can try to go outside. [0:16:35](https://vimeo.com/1172594958#t=995s) But w- this bill really brings them all under the authority of the State Depository Board. And what we were talking about is that in Florida, there was an issue in which they had this same type of thing. And a, a word got out that the SEC was going to shut down one of them. And when it did, it caused great confusion and great concern. Here's the issue, is that a small town or a municipality or county just does not have the financial resources and knowledge to be able to handle large sums of money from that standpoint. [0:17:06](https://vimeo.com/1172594958#t=1026s) And the treasurer and the board have that resource to do, to handle, when you say billions of dollars, billions of dollars that's there. And so, what we are, uh, uh, attempting to do, this would require any of the LGIPs to come under the authority of the board, just from a standpoint of a safeguard for the citizens and for the cities that, uh, put their money there. And did I, did I m- get that in a nut, nutshell? [0:17:38](https://vimeo.com/1172594958#t=1058s) Well, uh, well, they're currently already under the state's authority. Uh, this is a future, uh, legislation in a future year where we to try to create some new, uh, pools, which some states have done over the years, uh, that they would be, uh, under the oversight of the State Depository Board, so they hold the same standards to safeguard public funds and to make sure there's sufficient liquidity there to fund the, uh, the draws from those public funds. So if I ... Can I just- [0:18:06](https://vimeo.com/1172594958#t=1086s) Sure [0:18:06](https://vimeo.com/1172594958#t=1086s) ... do a quick overview? Is it, this, is, this, uh, trust was set up in the early '80s and it's worked very, very well, exceeding the expectations, uh, for most people. Uh, the, the legislature set up the Local Government Investment Pool trust. They put it under the oversight of the Depository Board. Um, so, and that, uh, uh, it allows, uh, uh, us to set up and operate, uh, funds that will open them up to local governments if they choose to, choose to voluntarily invest with us. [0:18:38](https://vimeo.com/1172594958#t=1118s) Uh, if they choose to, they can open deposits, and they get the same returns we get. They same, they get the same liquidity that we get. And then they also, uh, they, they can choose between the funds. If they want one with only treasuries and agencies, they can do that. They choose to take one that actually has some credit exposure from corporate securities. They can choose it with education. We do offer no-cost education online to every local government, so they'll make sure they understand what they're investing in. [0:19:08](https://vimeo.com/1172594958#t=1148s) But what this does, it provides currently that, uh, we have four offerings that the board has approved over the years. It started out with one back in the '80s, is that we have four. And it does provide- ... uh, pools that do, uh, they're invested, uh, like a money market fund, but at a lo- a much lower cost than a money market fund. Um, that we, we charge about a third to a quarter of what money market funds charge. We have competitive yields with them. We have performance benchmarks that we manage against, and the board meets once a quarter to make sure that we're performing well and that we safeguard the assets, and that there's sufficient, there's liquidity to meet every draw. [0:19:46](https://vimeo.com/1172594958#t=1186s) Georgia's never had a problem, uh, and in fact, we set, uh, I, I chair the committee for state treasurers to establish best practices for local government investment pools about 10 years ago. We were the first state to adhere to all the best practices, and we do still. We get it voluntarily rated. Uh, it's rated AAA. We were one of the first two states to get ours rated. Now, many states followed suit. It's a safe investment and it's legal for every city, county, and school district to invest in, and that's why it's so important because these are funds that, uh, that they trust that their, their capital is safe and that they'll be there when they need it to, to draw down. [0:20:28](https://vimeo.com/1172594958#t=1228s) We do not compete with banks. Um, we, uh, only receive funds from local governments through their bank, and then whenever they draw down, it goes back to their bank. That's where they should keep their primary operating funds. These are core deposits and funds that they do want, uh, they do have where they, uh, would like a little bit higher yield. Um, but it's, um, we've got a very good team we've built up over the years. Um, we've got, um, um, over 140 years of, uh, of experience in our investment team alone, um, that, uh, we have managed these pools now for 45 years and, um, that, uh, we, um, uh, it's fully transparent. [0:21:07](https://vimeo.com/1172594958#t=1267s) Uh, we post our holdings. We have, uh, the state auditor, who used to be on the board years ago, they moved him off the board because he reports to the legislature. He audits us and they have people at each of our board meetings that we're very transparent. Um, we are, uh, our holdings are all reported on the website. Uh, we manage the, the, we also post our cash flow. Uh, we can, there's a lot of information available, um, on our website and we make it to our, to our participants. So this is, what this will do is safeguard us from any harm that may be caused. [0:21:41](https://vimeo.com/1172594958#t=1301s) And it has happened, as, as the senator said, is that, and now the risk have gotten greater, uh, because of, of social media and AI, that for fraud risk have escalated significantly over the last five, six years, and that, uh, social media can end up taking a rumor and, uh, and trigger a run, just like a run on a bank. You can have a run on a fund. Florida experienced a run on a fund several years ago when the rumor was they were loaded up with, um, with, um, uh, with subprime mortgages. [0:22:11](https://vimeo.com/1172594958#t=1331s) And it wasn't the case. They did have some FDN, some securities in their portfolio, but they had a $15 billion run in a week. The governor, the attorney general, and the treasury had to close that fund and then come up with a way to start funding the local governments ge- ge- as they worked out what to do with that fund. Georgia, we've, uh, uh, after that, I did meet with the SEC chair because they stepped in in Florida and, uh, assured him we worked on best practices for all the states. Uh, they did ask for a copy of that, and we gave it to them when we completed it. [0:22:42](https://vimeo.com/1172594958#t=1362s) They do not regulate us, and we don't want a problem to ever happen where the SEC would step into the state to actually regulate us. So, um, glad to ans- answer any questions. It's something that each of you, uh, we look at every member in this committee has cities and counties, and most of you, I think all but one, I think, have school districts that are volunteer, that choose to voluntarily, um, they don't have to, to utilize our services. And some of y'all have accounts, uh, your account holders have as much as $5 billion in it. [0:23:14](https://vimeo.com/1172594958#t=1394s) Others may be two to five million. But, uh, we, we work with rural communities and with the, with every, the largest counties and the smallest cities. Um, so, and we're very pleased that, uh, we get very, very, very seldom even hear of any complaints. Uh, we do, we are open to, um, input, and, uh, we do have webinars for our participants on a regular basis to get feedback from them and, uh, that, uh, making sure that we're disclosing everything they need, that they want and they need. [0:23:45](https://vimeo.com/1172594958#t=1425s) Thank you, sir. I've got a couple of questions and I'm sure they do. Uh, didn't I read that the, you, you have $88 billion invested? [0:23:53](https://vimeo.com/1172594958#t=1433s) We have, uh, uh- [0:23:55](https://vimeo.com/1172594958#t=1435s) Not in fund one, but in- [0:23:56](https://vimeo.com/1172594958#t=1436s) Right now, a little over eight- right at $80 billion. So it's about, it's growing, uh, that, um, we're, it's growing significantly. Uh, and we put most of those under the, uh, the auspices of the, of the trust. Um, and others so for the state bond proceeds, we manage the state bond proceeds, the college savings plan program, and the ABLE program, which is a 529 for the disabled, that are not in the trust. [0:24:20](https://vimeo.com/1172594958#t=1460s) Okay. Uh, the, and the f- fund one, is it the 38 billion? [0:24:25](https://vimeo.com/1172594958#t=1465s) It's 38 billion. [0:24:25](https://vimeo.com/1172594958#t=1465s) Is all of that local or is- [0:24:27](https://vimeo.com/1172594958#t=1467s) Uh, no. Of that, uh, about $3 billion are local governments, and then the other 18 billion are state entities, state agencies, uh, some colleges and universities, and the state general fund. Um, we, um, uh, so that way we have to make sure, uh, I run the cash flow reports for the, uh, for OPB, uh, and that we look at on a monthly basis. We have to make sure the state has sufficient liquidity. What this does is let locals have the same sufficient liquidity. [0:24:55](https://vimeo.com/1172594958#t=1495s) I've, I've got one more. J- just reading this from a non-investor's standpoint, uh, this is only pooling. If a city or a county or a school individually wanted to invest in something on their own, it would, this wouldn't prohibit them from doing it. [0:25:10](https://vimeo.com/1172594958#t=1510s) No. [0:25:10](https://vimeo.com/1172594958#t=1510s) But when they start pooling- [0:25:13](https://vimeo.com/1172594958#t=1513s) Th- th- this is only if, if something is, is set up as an investment legal for everybody to buy. [0:25:18](https://vimeo.com/1172594958#t=1518s) Right. [0:25:18](https://vimeo.com/1172594958#t=1518s) Right now, a city or county or school district could create their own, uh, investment po- uh, policies. Some of the bigger ones have. [0:25:24](https://vimeo.com/1172594958#t=1524s) Mm-hmm. [0:25:24](https://vimeo.com/1172594958#t=1524s) Uh, and, and some of them done fine, although they send a lot of their money to us anyway. But, um, uh, but it a- it does, uh, a local government can also create internally, if they have a, um, a, uh, um, an authority within that and a, a, a district, they can actually pool within their own confines of that governmental entity. This protects us from having- some they'll team together and create a new security this, they sold to every one of your s- school system cities and counties as a safe investment when it may not be a safe investment. [0:25:55](https://vimeo.com/1172594958#t=1555s) Thank you, sir. Representative Campbell. [0:25:59](https://vimeo.com/1172594958#t=1559s) Thank you, Chairman, um, and thank you Treasurer, um, and Senator for the bill. Um, one question I'm curious to know, um, uh, does the state manage all of the funds directly, and if not, what third parties are involved? [0:26:13](https://vimeo.com/1172594958#t=1573s) Okay. Yes, we do, um, we manage Georgia Fund One, uh, all of it, the, the primary pool directly. Uh, we, um, we manage it, uh, directly. On, uh, the pool, we have a pool, Georgia Fund One Plus, which is only open to the state entities, um, because of we, uh, we restrict the inflows and outflows from it. Uh, it, we do use, uh, we do about 50 to 60% of that internally. Um, and, uh, but the, the, the securities like mortgage backs and asset backs and corporate securities such as commercial paper, we outsource. [0:26:49](https://vimeo.com/1172594958#t=1609s) We have two managers. One is Invesco and one is Federated Securities. And, um, we... Each of those have portfolios that we monitor, uh, and that, uh, that we utilize them when, uh, we can get a better return on that portion, uh, than we can get on the treasuries and agencies and repos we manage. We also have one called Georgia Fund One Prime. We set it up, uh, after some legislators a few years ago had mentioned that, uh, that local governments wanted more yield and to take more risk. [0:27:20](https://vimeo.com/1172594958#t=1640s) But so we set up where Georgia Fund One Prime, we set a control in place where for, for a local government to invest in it, they first go through, it's about a two-hour, uh, online course to make sure they understand the workings of it and, uh, the operations, but also the, the risk of the securities underlying. And if, once they complete that, they can choose to open an account. And we have about eight local governments in it after two, almost three years. Um, it's a little over a billion dollars. But we outsource that one completely to Federated Investors 'cause they have the online tools to, to support it. [0:27:55](https://vimeo.com/1172594958#t=1675s) The rest of the monies, uh, that we invest, we do, uh, directly with all the state bond proceeds, um, our college savings program and, um, and our ABLE program. Both of those, uh, we use mutual funds. And so we actually, uh, choose the mutual funds to use, but they're under the umbrella of TIA, um, TIAA Cref. [0:28:19](https://vimeo.com/1172594958#t=1699s) Thank you. [0:28:20](https://vimeo.com/1172594958#t=1700s) Oh, uh, and, uh, uh, Senator mentioned is that the State of Georgia is AAA rated. Is it, uh, when we, uh, uh, uh, that we're, uh, as, as they review the state's bond ratings and, uh, said, um, that they also ask about liquidity and ha- ask how we're managing monies. So we're, we're rated AAA as well. We keep that as a voluntary rating that, uh, we do ask that they rate us. Uh, we like the oversight, uh, from that. And so we keep our, uh, all of our local government investment pool trust are AAA rated. [0:28:52](https://vimeo.com/1172594958#t=1732s) Um, one of the, the state only one, uh, is a shadow rating. It's not available to the public, but it's available for our state officials and board members. [0:29:01](https://vimeo.com/1172594958#t=1741s) Uh, I'll get, I get a follow-up now. All the local entities' investments are in fund one? [0:29:11](https://vimeo.com/1172594958#t=1751s) Uh, in, in Fund One Prime. [0:29:13](https://vimeo.com/1172594958#t=1753s) Okay. Fund One Prime, there are- A few more, yes ... five or six or what? [0:29:17](https://vimeo.com/1172594958#t=1757s) Small. Uh, yeah, the one, Fund One Prime, um, so we have some, uh, some of the larger school districts. Um, uh, we also have MARTA. Uh, we have, uh, some, um, uh, another authority. We have some of the, the larger entities, but we do have a, a couple of smaller, one library district down near the coast. But, uh, uh, all of those have to determine, they do have core deposits. [0:29:41](https://vimeo.com/1172594958#t=1781s) I got you. [0:29:41](https://vimeo.com/1172594958#t=1781s) They're not, they're not there for day in, day out transactions. [0:29:44](https://vimeo.com/1172594958#t=1784s) I got you. [0:29:47](https://vimeo.com/1172594958#t=1787s) Chairman Horner. [0:29:49](https://vimeo.com/1172594958#t=1789s) Thank you, Chairman. Thank you, Senator, for bringing the bill. Thank you, Treasurer. I have a quick question. On the State Depository Board, is there any legislative input on that board? [0:30:00](https://vimeo.com/1172594958#t=1800s) The, the board, uh, that, uh, we, we s- disseminate information after the board meetings to the, uh, uh, the, um, uh, both the chairs of the preparation committees for both the House and Senate, and also, uh, to the banking, uh, the chairs of the banking committees that, uh, uh... So it's not necessarily input there. We disseminate information. Um, that the board, uh, uh, the governor, uh, is the chairman. Uh, we do have quarterly board meetings. The, um, uh, the members are, none of the members are legislators, but we do have the, um, the banking commissioner, uh, the, uh, revenue, uh, the revenue commissioner, the, um, the SAO, the, uh, state accounting officer, and, uh, myself and the DOT commissioner, and, um, I'm trying to think of... [0:30:45](https://vimeo.com/1172594958#t=1845s) Oh, and the state, uh, OPP director. And, uh, so it is state oversight, uh, because it's a state general fund, and it began with just a state general fund, and local governments had asked could they co-invest, and then it's grown from there. [0:31:01](https://vimeo.com/1172594958#t=1861s) Any, any other f- further questions from the committee? [0:31:08](https://vimeo.com/1172594958#t=1868s) Um, j- uh, w- just, uh... [0:31:19](https://vimeo.com/1172594958#t=1879s) Is there anybody in the audience that wants to speak to the bill in any way? Nobody? N- n- nobody else. Wouldn't this also, um, a form of, uh, you know, we're on recording here, but I'm here from the government and I'm here to help you, but wouldn't this, wouldn't this, uh, make it, uh, a reassurance that some of these local entities don't get in trouble and we're looking out for their best interest? A- and I mean, I, I see it that way. [0:31:43](https://vimeo.com/1172594958#t=1903s) Sure. [0:31:44](https://vimeo.com/1172594958#t=1904s) I just want to make sure that- [0:31:45](https://vimeo.com/1172594958#t=1905s) Yes, sir. Uh, that each thing that, uh, we provide, um, services to the local governments to, and for a primary reason to safeguard their capital so they don't lose their capital, invest in some things that they didn't necessarily fully understand or have the research staff to monitor. So it's so their, that's, uh... So it's the same standard as ours. And when you have your own money co-invested, you hold them to the... I'm a fiduciary of the trust as well as the state treasurer, so I wear two hats. I have to, to treat them the same as us. [0:32:16](https://vimeo.com/1172594958#t=1936s) And so, um, so it does, it's a safeguard for them. They can't afford to lose their operating funds. Uh, the school system can't afford to, to lose its payroll, um, deposits. So it is a safeguard for them. [0:32:29](https://vimeo.com/1172594958#t=1949s) Thank you, sir. Okay. Uh, Chairman, really it's at that time the- 24. 24 is what I thought you were. [0:32:37](https://vimeo.com/1172594958#t=1957s) Yeah. Listen, um, I'll make a motion to pass. [0:32:40](https://vimeo.com/1172594958#t=1960s) Second. [0:32:41](https://vimeo.com/1172594958#t=1961s) We have a motion and a second. Uh, any further discussion? All in favor of passing this bill, say aye. [0:32:50](https://vimeo.com/1172594958#t=1970s) Aye. [0:32:50](https://vimeo.com/1172594958#t=1970s) All opposed, same sign. Do pass unanimously. [0:33:16](https://vimeo.com/1172594958#t=1996s) Thank you. Thank you. [0:33:17](https://vimeo.com/1172594958#t=1997s) Mr. Chairman.